Long AUD/JPY for 78.67

FX:AUDJPY   Australian Dollar / Japanese Yen
323 4 15
AUD/JPY             edges higher after forming a double bottom at 76.50.

Momentum studies are bullish , RSI biased higher and Stochs have rolled over from oversold levels.

The pair finds major resistance at 78.11 (50-DMA) and trendline .

Break above could see gains upto 80.23 (100-DMA) and violation there could test trendline at 81.65.

Immediate support is seen at 76.85 ( trendline ), weakness only below double bottom at 76.50.

Violation there could see drag upto 75 levels.

Good to go long on dips SL: 76.85, TP: 78.67/ 79.50/ 80.25
Comment: 78.67 hit. Book partial profits.

Breakout above targets 79.50 and then 80.25
Comment: Aussie under fresh selling pressure after poor NAB's business confidence data. Ignores Chineses CPI data.

AUD/JPY off Monday's high at 78.67, hovers around 50-DMA at 78.09.

Pair is holding minor support at 78.03, break below could drag the pair to next major support at 77.62.

Upside intact, close above 78.61 required for upside to resume.
Opinion seeking, if i may, Stop loss or trailing stop loss?? If you could give me your thoughts, thanks in advance, Anthony
FxWirePro Batman-oz
Weakness to resume below 77.62. We would not advise fresh entry at this point. That said, close above 78.61 will see further upside. If u are still holding the trade, u could raise stops to 78. Below 78 we see scope for test of 77.62. Good luck!
+1 Reply
Batman-oz FxWirePro
Thank you but i was meaning in a general overall situation
Thank you, Booked profits overnight, very happy, in again today.
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